Exports declined by 20.7 percent in August, says Commerce Ministry

The Ministry of Commerce and Industry has said that India’s exports plunged 20.7 per cent in August this year, to 21.3 billion dollars.

In data appearing in the public domain, the ministry said that this was ninth consecutive month when exports have slumped and global economic slowdown and falling commodity prices responsible for this dip.

According to Commerce Ministry data, imports declined almost 10 per cent in August, to 33.7 billion dollars. And the trade deficit widened to 12.5 billion dollars in August this year, compared to August last year, but narrowed when compared with July this year.

Gold imports surged 140 per cent during the month under review. Oil imports plunged 42.5 per cent, but non-oil imports rose seven percent in August. During the first five months of the current fiscal, exports fell 16.2 per cent, while imports declined 11.6 per cent.